Solaria Energia y Medio Ambiente saw its shares fall 6.47% to $15.18 on September 24, 2026, after releasing its first‑half 2026 results. The stock remains about 14% above its 52‑week low of $10.205 but 41% below its 52‑week high of $25.85.
EBITDA climbed 50% year‑over‑year to €210.1 million, representing 64% of the full‑year target of €331 million. The company also beat its FY2025 EBITDA goal, delivering €266.1 million against a €250 million commitment. Net profit rose 52% to €124.9 million, while total revenues increased 44% to €223.3 million. Sales surged 111% to €167.2 million, driven by infrastructure sales of €99.6 million—a 355% jump from €21.9 million a year earlier. Energy sales grew 18% to €67.6 million, whereas other income fell to €56.1 million from €76.0 million.
Production reached 1.7 TWh, up 51% from the prior year, and operational capacity expanded 85% to 3.1 GW, with a target of 3.6 GW by year‑end. The company added 438 MW of data‑center capacity through two contracts (225 MW and 213 MW) and now operates about 120 MWh of battery storage, with 1,200 MWh under construction and 600 MWh of battery PPAs secured. Solar PPAs were expanded by an additional 426 MW.
Capital spending totaled €276 million in the first half. Net financial debt to EBITDA improved to 3.9× from 5.4× at the end of 2025. Solaria raised €460.2 million via debt issuance and an accelerated book‑build in April. Outstanding promissory notes fell to €103.7 million from €151.4 million, with a goal of dropping below €50 million by year‑end. Project debt now accounts for 91% of total debt, 84% of which is at fixed or swapped rates, at an average cost of 3.9% and a residual tenor of 10 years. The current ratio stands at 0.59.
The company’s efficiency programme targets €7 million in annualised savings, half of which has already been realised. Personnel costs are being trimmed by 13% to an estimated €18.5 million for 2026, delivering €2.8 million in savings, while financial‑cost optimisation aims to shave €4 million off capital costs. All new projects must meet a minimum 12% internal rate of return.
Merchant exposure rose to roughly 35% of the portfolio, up from 25%, largely due to the integration of the 715 MW Garoña plant. Merchant‑captured prices in Q3 2026 exceeded €60/MWh, a 75% increase from €34/MWh a year earlier. Forward prices are €76/MWh for Q4 2026 and €84/MWh for Q1 2027, compared with €48/MWh and €29/MWh respectively in the prior year period.
Chief Operating Officer Darío López reiterated that Solaria is no longer solely a photovoltaic company, adding that battery storage and wind assets are now part of its portfolio. The firm reaffirmed its guidance through 2028, with long‑term EBITDA targets of €456 million for 2027 and €521 million for 2028.
